term

term definition - business

term

  1. The period during which a loan will remain outstanding. For example, a bond may have a term of ten years, after which the borrower will pay the principal.
  2. The length of time that a person is to serve in an official capacity. For example, a firm's directors may be elected for terms of three years each.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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